NOV (NOV) Q1 2026 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Tue, April 28, 2026 astatine 11:51 AM CDT 43 min read

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DATE

Tuesday, April 28, 2026 astatine 11 a.m. ET

CALL PARTICIPANTS

• Senior Vice President & Chief Financial Officer — Jose A. Bayardo

• Senior Vice President & Chief Administrative Officer — Rodney C. Reed

• Operator

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Full Conference Call Transcript

On a U.S. GAAP basis, for the archetypal 4th of 2026, NOV Inc. reported revenues of $2.05 cardinal and nett income of $19 million, oregon $0.05 per afloat diluted share. Our usage of the word EBITDA passim this morning’s telephone corresponds with the word EBITDA arsenic defined successful our net release. Later successful the call, we volition big a question-and-answer session. Please bounds yourself to 1 question and 1 follow-up to licence much participation. Now fto maine crook the telephone implicit to Jose.

Jose A. Bayardo: Thank you, Amie. Good morning, everyone, and convey you for joining us. The archetypal 4th of 2026 unfolded against a rapidly changing backdrop owed to the struggle successful the Middle East, and I would similar to commencement by thanking our team, peculiarly those successful the region, for keeping each different harmless portion doing everything imaginable to enactment our customers successful a precise chaotic environment. Despite the disruption, NOV Inc. achieved its lowest ever full recordable incidental complaint and mislaid clip incidental complaint during the quarter. As I mentioned connected our past call, HSE show reflects pride, accountability and ownership successful operations, which translates into higher quality, reduced downtime and amended work for our customers.

The actions of our radical and the results they achieved show however profoundly these values are embedded successful our culture. Turning to our fiscal results, NOV Inc. generated gross of $2.05 cardinal and adjusted EBITDA of $177 cardinal during the archetypal 4th of 2026. As antecedently disclosed, we estimation that the struggle successful the Middle East negatively impacted gross by astir $54 cardinal and EBITDA by $32 million. Bookings successful our Energy Equipment conception for the 4th totaled $520 million; portion this resulted successful a book-to-bill of 80%, orders improved by $83 cardinal twelvemonth implicit twelvemonth and represented our strongest archetypal 4th bid intake since 2019.

We besides had beardown bookings successful our fiberglass and drill tube businesses wrong our Energy Products and Services conception wherever we bash not study book-to-bill and backlog figures. As the struggle escalated during the quarter, the astir pronounced impacts were felt crossed our superior instrumentality and aftermarket operations, wherever the question of goods, entree to lawsuit sites and wide logistics became progressively constrained, importantly affecting quarter-end deliveries. Our work and rental businesses, peculiarly those supporting land-based operations, experienced substantially little disruption. For our superior instrumentality businesses, the superior challenges were associated with shipping finished instrumentality into and retired of the region. As shipments were rerouted done alternate ports, transit times were extended and freight costs accrued materially.